Iberdrola will set aside EUR 16 billion for networks and EUR 3.8 billion for generation and supply. The implementation of the plan will result in the installed capacity increasing by 29%. Towards the end of 2022, capital work in progress will be EUR 9 billion ensuring profit generation beyond that date, Iberdrola said.

At the end of 2022, Iberdrola will have 9.9 GW of new renewable energy capacity in addition to reaching 90 GWh of storage capacity, up from the current 70 GWh.

In Spain, Iberdrola will add 3 GW of new wind and solar power capacity by 2022, up by 51.9% from the end-2018 levels, and at least 10 GW by 2030.

The total investment volume in the home country will reach EUR 8 billion, up 40% from the initial plan. Renewable energy projects will take up EUR 4.2 billion by 2022.

Iberdrola currently has more than 700 MW under construction, 2,500 MW in development and a portfolio of more than 7 GW in Spain. It also has a project pipeline of over 10 GW of offshore wind, with new projects developed in the US, the UK, Germany and France, the company said.